MILLIRE ENG2024

2024 Financial Results Investment Expenses The increase in “Loss from Disposal of Financial Assets” resulted mainly from the sales of corporate Eurobonds. The tax amounts assessed on foreign exchange gains derived in connection with disposal of Eurobonds and income from time deposits caused a rise in “Other Investment Expenses”. Income and Expenses from Other and Extraordinary Operations Due mainly to the rise in equalization provision and social assistance fund asset deficits provisions, deferred tax assets increased, and deferred tax liability expense decreased in connection with the real property transfer in December 2023. These developments resulted in a balance of TL 53,365,094 in the “Deferred Tax Assets” account and there was no balance left in the “Deferred Tax Liability Expense” item. Accordingly, the expense amount followed up under the “Income and Gains and Expenses and Losses from Other and Extraordinary Operations” account declined significantly. (TL) 2024 2023 Change (%) Investment Expenses (2,617,504,715) (3,661,647,130) (28.52) Investment Management Expenses – (Incl. Interest) (4,165,831) (577,324) 621.58 Loss from Disposal of Financial Assets (24,341,548) (13,345,686) 82.39 Investment Income Transferred to Non-life Technical Account (2,371,156,246) (3,516,302,860) (32.57) Losses from Derivatives (5,039,473) (6,884,346) (26.80) Foreign Exchange Losses (35,029,676) (39,581,334) (11.50) Depreciation and Amortization Expenses (38,489,252) (28,018,645) 37.37 Other Investment Expenses (139,282,689) (56,936,935) 144.63 (TL) 2024 2023 Change (%) Income and Expenses From Other and Extraordinary Operations (272,099,357) (724,299,710) (62.43) Provisions (329,836,302) (153,684,528) 114.62 Rediscounts (9,580,145) (45,990,646) (79.17) Deferred Taxation (Deferred Tax Assets) 53,365,094 - + Deferred Tax Liability Expense - (523,942,071) + Other Income 14,105,598 2,964,787 375.77 Other Expenses and Losses (153,602) (3,647,252) (95.79) Gross Profit/Loss for the Period Since loss was booked as per the Tax Procedure Law as of 31 December 2024, there was no balance in the “Profit for the Period, Tax and Other Legal Liability Provisions” item. A financial profit in the amount of TL 7,605,850,380 was posted in 2024 owing mainly to the reasons mentioned above. At the bottom line, the Company recorded a net profit for the period of TL 5,933,631,405 in 2024. (TL) 2024 2023 Change (%) Gross Profit/Loss for the Period 5,933,631,405 3,629,008,053 63.51 Profit/Loss for the Period 5,933,631,405 3,629,008,053 63.51 Profit for the Period Tax and Other Legal Liability Provisions - - - 78 MİLLİ RE